Gold Sees Biggest Decline in Seven Years

Gold prices declined on Tuesday amid a strong correction wave, seeing its largest fall in more than seven years, since mid-April 2013.

The losses of the yellow metal as stock markets around the globe flourished, supported by positive news about a vaccine for the coronavirus disease (COVID-19).

Gold futures for December delivery dropped by $93.40 or 4.6% and closed at $1,946.3 per ounce.

Similarly, silver futures for September delivery fell by 11% or $3.21 and settled lower at $26.049 per ounce.